2011 Code of Virginia Title 6.2 BANKING INSTITUTIONS AND SOLUTIONS. Chapter 18 Payday Lenders Payday financing database.

2011 Code of Virginia Title 6.2 BANKING INSTITUTIONS AND SOLUTIONS. Chapter 18 Payday Lenders Payday financing database.

6.2-1810. Payday financing database.

A. The Commission shall approve and contract with a number of 3rd events to build up, implement, and keep a real-time, Internet-accessible database that contains such cash advance information given that Commission may need every once in awhile by administrative guideline or policy statement. The database will probably be functional by 1, 2009 january.

B. The following provisions shall connect with the database:

1. Before you make an online payday loan, a licensee shall query the database via a Commission-certified database provider and shall retain proof the question for the Commission’s supervisory review. A licensee shall be allowed by the database to help make a cash advance only when making the mortgage is permissible beneath the provisions with this chapter. During any duration that the database is unavailable as a result of technical issues beyond the licensee’s control, a licensee may count on the pay day loan applicant’s have a peek at this web site written representations, as opposed to the database’s information, to validate that making the mortgage used for is permissible beneath the provisions for this chapter. Just because a licensee may count on the precision associated with applicant’s representations together with database’s information, a licensee just isn’t at the mercy of any administrative penalty or civil obligation if it info is later on determined become inaccurate.

2. The database provider shall retain the database, just simply simply take all actions it deems required to protect the privacy and protection of this given information within the database, result in the confidentiality and safety of these information, and possess the knowledge within the database. The Commission shall gain access to and make use of the database as an enforcement device to make sure licensees’ conformity utilizing the conditions with this chapter.

3. The database shall advise the licensee whether the applicant is eligible for a new payday loan and, if the applicant is ineligible, the reason for such ineligibility upon a licensee’s query. Then the applicant shall direct any inquiry regarding the specific reason for such ineligibility to the database provider rather than to the licensee if the database advises the licensee that the applicant is ineligible for a payday loan. The info within the pay day loan database is private and exempt through the Freedom of Information Act ( 2.2-3700 et seq.).

4. In case a licensee and debtor consummate an online payday loan, then your licensee shall spend a charge to defray the expense of publishing the database inquiry.

the quantity of the database inquiry cost will probably be determined relative to a schedule set by the Commission. The routine shall keep a relationship that is reasonable real price of the procedure associated with database. In cases where a licensee submits a database inquiry but will not consummate a quick payday loan using the applicant, then your licensee shall maybe not spend the database inquiry charge. Each licensee shall remit all database inquiry charges straight to the database provider for a regular foundation.

5. Then the licensee making the loan shall report such event or other information to the database not later than the close of business on the date of such event if a borrower enters into a payday loan or pays or otherwise satisfies a payday loan in full, or if a borrower enters into an extended payment plan as provided in subdivision 26 of 6.2-1816 or an extended term loan as provided in subdivision 27 of 6.2-1816.

(2008, cc. 849, 876, 6.1-453.1; 2010, c. 794.)

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